Brussels, 07/12/2015 (Agence Europe) - On Friday 4 December, the European Commission authorised additional State aid of €2.71 billion for the National Bank of Greece (NBG) on the basis of its modified restructuring plan. The health check revealed a deficit of own funds of €4.6 billion for NBG.
The bank has succeeded in covering a total of €1.8 billion of its capital requirements out of private funds (voluntary or obligatory exchange of existing notes for new shares and public issuances, both Greek and international). The changes to the restructuring plan consist of a deepening of the bank's operational restructuring and a few changes to deadlines to react to the bank's macroeconomic situation, and a commitment to divest other non-essential assets held outside Greece. Subject to the approval of the Single Supervisory Mechanism (SSM), the proceeds from the sale of the foreign assets will be fed into the repayment of the contingent convertible capital instruments injected by the HFSF. (Original version in French by Élodie Lamer)
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